MTV owner Viacom takes $758m hit from write-down as pay-TV falters
US media giant Viacom – which owns Comedy Central, MTV and Nickelodeon – will take a $758m (£509m) pre-tax charge as part of a strategic realignment.
Much of the charge is due to “write-downs of underperforming programming, including the abandonment of select acquired titles”, as well as costs associated with workforce reductions.
“This strategic realignment, which is largely completed, will allow us to sharpen our focus on driving long-term growth in a rapidly changing industry,” said Viacom president Philippe Dauman.
The media giant’s pay-TV channels, such as MTV, have been hit by changing media consumption patterns, which has made selling subscription channels less lucrative.